MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
AT & S ECAD TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
12/A, Nanjangud Industrial Area, Nanjangud, |
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Country : |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
21.10.1999 |
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Com. Reg. No.: |
25863 |
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CIN No.: [Company
Identification No.] |
U30007KA1997PTC022754 |
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Legal Form : |
Subject is a closely held public limited liability company. |
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Line of Business : |
Manufacturers, Exporters and Marketers of Printed Circuit Boards, Software Development, IT solutions, Research and Development, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
12/A, Nanjangud Industrial Area, Nanjangud, |
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Tel. No.: |
91-8221-304000 |
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Fax No.: |
91-8221-22857 |
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E-Mail : |
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Website : |
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Area : |
Large |
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Location : |
Owned |
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Head Office : |
373/A, 7th |
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Tel. No.: |
91-80-26565587/26568628 |
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Fax No.: |
91-80-26560212 |
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E-Mail : |
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Design Centre : |
34, |
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Tel. No.: |
91-80-51203317/18 |
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Fax No.: |
91-80-26560212 |
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E-Mail : |
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Sales Office : |
812, |
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Tel. No.: |
91-80-5091812/5091813 |
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Fax No.: |
91-80-5091814 |
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E-Mail : |
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Location : |
Owned |
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Branches : |
1999, |
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Tel. No.: |
91-408-497-8404 |
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Fax No.: |
91-650-641 7141 |
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E-Mail : |
DIRECTORS
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Name : |
S. L. N. Murthy |
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Designation : |
Director |
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Name : |
Mr. Pradeep Mehta |
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Designation : |
Director |
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Name : |
Steen Ejlskov Hansen |
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Designation : |
Director |
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Name : |
Michael Mayerhofer |
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Designation : |
Director |
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Name : |
Heinz Moitzi |
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Designation : |
Director |
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Name : |
O. J. Sathish |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Austria Technologies Systemtechnik Ag, |
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86.00 |
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Indian Directors |
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14.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Marketers of Printed Circuit Boards, Software Development, IT solutions, Research and Development, etc. |
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Products : |
Printed Circuit Boards |
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Brand Names : |
AT and |
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Exports to : |
U.S.A, |
GENERAL INFORMATION
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Customers : |
MANUFACTURERS, HOSPITALS Ř
Texas Instruments Inc., Ř National Semiconductor Corporation Ř Indian Space Research Organization Ř Flextronics Ř
Ř Elcoteq Ř
Motorola Inc., Ř
Bharat Electronics Ltd., Ř
Ř
3-Com, Ř
Ř
Hindustan Aeronautics Limited, |
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No. of Employees : |
600 |
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Bankers : |
Ř
Standard Chartered Grindlays Bank, Ř
American Express Bank, |
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Facilities : |
Secured
Loan: Forex Loan from Bankers |
31.03.2003 244.800 |
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Unsecured
Loan: Forex Loan from Holding Company Short term Loan from Bankers Other Bank Borrowings |
31.03.2003 128.325 20.000 33.737 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L. N. Jha & Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Shares of |
Rs. 10.00 each |
Rs.150.000 millions |
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2,500,000 |
1% Cumulative Redeemable Preference Shares of |
Rs. 100.00 each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13,362,500 |
Equity Shares of |
Rs. 10.00 each |
Rs.133.625 millions |
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2,500,000 |
1% Cumulative Redeemable Preference Shares of |
Rs. 100.00 each |
Rs.250.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
383.625 |
383.625 |
383.625 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
315.249 |
320.051 |
360.102 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
698.874 |
703.676 |
743.727 |
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LOAN FUNDS |
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1] Secured Loans |
244.800 |
467.336 |
512.244 |
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2] Unsecured Loans |
182.062 |
122.056 |
116.650 |
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TOTAL BORROWING |
426.862 |
589.392 |
628.894 |
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DEFERRED TAX LIABILITIES |
76.109 |
0.000 |
0.000 |
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TOTAL |
1201.845 |
1293.068 |
1372.621 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
825.087 |
886.474 |
921.870 |
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Capital work-in-progress |
5.974 |
18.680 |
29.883 |
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INVESTMENT |
1.450 |
1.129 |
1.917 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
268.590 |
229.562 |
299.548 |
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Sundry Debtors |
196.567 |
302.054 |
254.621 |
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Cash & Bank Balances |
30.792 |
13.340 |
20.792 |
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Other Current Assets |
4.017 |
4.312 |
4.728 |
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Loans & Advances |
120.837 |
52.382 |
96.493 |
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Total
Current Assets |
620.803
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601.65 |
676.182 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
246.813 |
212.187 |
257.668 |
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Provisions |
4.656 |
3.998 |
3.896 |
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Total
Current Liabilities |
251.469
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216.185 |
261.564 |
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Net Current Assets |
369.334
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384.465 |
414.618 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.320 |
4.333 |
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TOTAL |
1201.845 |
1293.068 |
1372.621 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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Sales Turnover [including other income] |
1084.140 |
996.181 |
1089.884 |
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Profit/(Loss) Before Tax |
72.470 |
(39.389) |
4.685 |
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Provision for Taxation |
9.934 |
(76.94) |
1.000 |
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Profit/(Loss) After Tax |
62.536 |
(37.551) |
3.685 |
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Total Expenditure
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1011.670 |
1035.570 |
1085.199 |
KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
31.03.2001 |
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PAT / Total Income |
(%) |
6.68
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(3.95) |
0.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.68
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(3.95) |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.01
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(2.65) |
0.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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(0.06) |
0.006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.97
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1.14 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.68
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2.78 |
2.59 |
LOCAL AGENCY FURTHER INFORMATION
Web site details attached:
Subject provides PCB design engineering services to its customers using state of the art tools and technologies. As a member of AT&S group of companies, it is now in a position to offer an even wider range of technologies, services and products to the benefit to its customers. Total solutions – development, design, PCB fabrication and assembly – will reduce time to market and total costs of products. The partnership with AT&S will guarantee the availability of latest design and manufacturing technologies as well as the financial power to grow and to achieve leadership in the design sector.
The parent company AT&S is present worldwide in the high-tech segment
of HDI/Microvia as a leading company and is further strengthening its
position. It is the strategic goal of AT&S, to become the most competitive
producer of printed circuit boards, which means to meet the expectations of its
clients and contribute to make the end product of high-quality and cost
effective. At AT&S, high-performance stands for quality, reliability,
efficiency and service. An overall customer orientation in all aspects will
help to achieve this goal.
The total cost approach also stands for long-term partnerships in all sectors:
telecom, industrial, medical technology, automotive and Defence. Co-operation
on a long-term basis is essential for optimizing the total costs of the end
product. AT&S with its technological leadership, financial strength and
flexible adaptive structure, is poised for the future. Together with subject
AT&S takes a big step forward to reach these future prospects
In November 1998 Indian Aluminium Company Limited sold its
subsidiary company known as ‘Indal Electronics Private Limited’ to AT & S,
During July 2005
Profile
AT&S ECAD Technologies, subsidiary of AT&S Austria,
The parent company AT&S is present worldwide in the
high-tech segment of HDI/Microvia as a leading company and is further
strengthening it’s position. It is the strategic goal of AT&S, to become
the most competitive producer of printed circuit boards, which means to meet
the expectations of its clients and contribute to make the end product of
high-quality and cost effective. At AT&S, high-performance stands for
quality, reliability, efficiency and service. An overall customer orientation
in all aspects will help to achieve this goal.
The total cost approach also stands for long-term partnerships in all sectors:
telecom, industrial, medical technology, automotive and high reliability
designs. Co-operation on a long-term basis is essential for optimizing the
total costs of the end product. AT&S with its technological leadership,
financial strength and flexible adaptive structure, is poised for the future.
Together with AT&S ECAD Technologies AT&S takes a big step forward to
reach the demanding design goals.
History
Incorporated in 1997.
Started design services
to Indian Electronic Corporations with Zuken Visula and CADSTAR tools.
Industry first to
offer SI/Thermal/High speed design solutions in
Value Added Reseller/Technical support
for CAE Software activities starting 1998
Co-operation with Texas
Instruments/Teradyne for ASIC testing in 2001.
Venture funded in
March 2001 by Indian VC's ( NFSIT/KITVEN ).
Investment in tools
from CADENCE, MENTOR GRAPHICS and other EDA vendors.
PCB design support to
global customers from
AT&S acquires major stake in ECAD
Technologies in July 2005 and company renamed as AT&S ECAD Technologies
Private Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.45 |
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1 |
Rs. 80.30 |
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Euro |
1 |
Rs. 54.37 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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